Ethereum creator Vitalik Buterin sold 10 billion units of the meme coin MOO DENG (MOODENG) and donated the proceeds to charity. MOODENG’s value spiked 300% after this sale.
Based on the current market price of $0.00018, Buterin’s MOODENG tokens are worth around $1.8 million. The sale is part of a broader trend of meme coin charitable transactions in the latter half of 2024.
MOODENG Sale Detail
On-chain transaction data reveals that Vitalik Buterin, creator of Ethereum, sold 10 billion units of new meme coin MOODENG in six batches. Buterin explained this sale through a social media post, where he stated that these coins were given to him by their creator.
Buterin added that any other coins sent to him would also be sold and donated to causes like anti-airborne disease tech.
From one angle, this is just another step in Buterin’s recent kick of meme coin charity donations. In late March, Buterin commented on the charitable applications of meme coins. Moreover, throughout 2024, Buterin made plenty of meme coin donations from him.
In early August, he sold his entire stock of Neiro, and its creators asked him to donate some of the proceeds to an animal shelter. He did this publicly, and Neiro’s value shot up significantly. Also, MOODENG has rallied tremendously since Buterin’s donations.
In other words, Buterin may have discovered a way to increase the utility of these meme coins for charitable transactions. MOODENG’s creators didn’t directly contribute to charity, but their unsolicited drop benefitted disease prevention research nonetheless. Certain sections of the crypto space criticize meme coins, but maneuvers like this seem to be an unambiguous public good.
Final Thoughts
Vitalik Buterin’s sale of 10 billion units of the meme coin MOODENG, followed by a donation of the proceeds to charity, reflects an interesting and impactful use of meme coins in the crypto space. By leveraging his influence and visibility, Buterin has turned what could have been a trivial or speculative transaction into a meaningful contribution to causes like disease prevention research.
This move highlights the potential for meme coins to transcend their often whimsical origins and contribute to tangible social good, especially when key figures like Buterin are involved in directing the profits toward charitable causes. The 300% spike in MOODENG’s value following the sale also shows how the market can react positively to philanthropic actions, even when associated with volatile assets like meme coins.
At the same time, Buterin’s actions raise important questions about the nature of meme coins and their role in the crypto ecosystem. While many criticize meme coins for their lack of intrinsic value and susceptibility to speculation, Buterin’s approach seems to elevate their utility by channeling their profits toward philanthropy.
However, it’s also important to consider whether this trend might encourage creators to distribute coins to influential figures in the hope of driving up value through similar charitable transactions. This dynamic could potentially blur the line between genuine charitable intent and market manipulation, making it crucial to monitor how such activities evolve and their impact on both crypto markets and charitable causes.
Via Beincrypto
